Paper studies central bank risk and return over 175 years

National Bank of Denmark

Core earnings associated with the National Bank of Denmark's basic functions have been on a downward trend since the early 1980s, a working paper published by the central bank has found.

In 175 Years of Financial Risks and Returns in Central Banking, Kim Abildgren presents new data on the National Bank of Denmark's balance sheet and profit from financial items between 1839 and 2014.

The paper then analyses how core earnings and "earnings from assuming additional risks" have developed "within a

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